Lincoln Capital Corp Has $13.15 Million Holdings in Apple Inc. $AAPL

Key Points

• Lincoln Capital Corp reduced its stake in Apple Inc. by 2.2% during the first quarter, holding approximately 59,194 shares valued at $13.15 million.
• Several research analysts have raised their price targets for Apple, with Citigroup increasing its target from $240 to $245 and Monness Crespi & Hardt raising it from $245 to $270, reflecting positive sentiment among analysts.
• Apple's recent quarterly earnings beat expectations, reporting $1.57 EPS on revenue of $94.04 billion, which was a 9.6% increase year-over-year.

Lincoln Capital Corp trimmed its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 2.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 59,194 shares of the iPhone maker's stock after selling 1,354 shares during the quarter. Apple accounts for approximately 5.5% of Lincoln Capital Corp's holdings, making the stock its 4th largest position. Lincoln Capital Corp's holdings in Apple were worth $13,149,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Conquis Financial LLC bought a new stake in Apple in the fourth quarter worth about $63,000. LSV Asset Management purchased a new position in Apple during the fourth quarter valued at approximately $65,000. Pillar Financial Advisors LLC purchased a new position in Apple in the fourth quarter worth $82,000. Compass Planning Associates Inc acquired a new stake in shares of Apple during the fourth quarter worth $96,000. Finally, Sellwood Investment Partners LLC purchased a new stake in Apple in the fourth quarter valued at $147,000. Hedge funds and other institutional investors own 67.73% of the company's stock.

Apple Trading Down 0.4%

AAPL traded down $0.9810 during trading on Tuesday, hitting $229.9090. 20,787,359 shares of the company's stock were exchanged, compared to its average volume of 57,647,684. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $260.10. The stock has a 50 day moving average price of $210.28 and a 200 day moving average price of $212.94. The firm has a market cap of $3.41 trillion, a P/E ratio of 34.93, a price-to-earnings-growth ratio of 2.42 and a beta of 1.16.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, beating analysts' consensus estimates of $1.43 by $0.14. Apple had a net margin of 24.30% and a return on equity of 170.91%. The firm had revenue of $94.04 billion for the quarter, compared to the consensus estimate of $88.64 billion. During the same period in the prior year, the firm posted $1.40 EPS. The firm's revenue was up 9.6% compared to the same quarter last year. As a group, analysts expect that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Monday, August 11th were paid a $0.26 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.04 annualized dividend and a dividend yield of 0.5%. Apple's payout ratio is currently 15.78%.

Apple announced that its board has approved a stock repurchase program on Thursday, May 1st that authorizes the company to buyback $100.00 billion in shares. This buyback authorization authorizes the iPhone maker to repurchase up to 3.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its stock is undervalued.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Bank of America upped their price target on shares of Apple from $240.00 to $250.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Morgan Stanley lifted their price objective on shares of Apple from $235.00 to $240.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. China Renaissance assumed coverage on shares of Apple in a research note on Tuesday, April 22nd. They issued a "buy" rating and a $241.00 price objective on the stock. BMO Capital Markets reaffirmed a "buy" rating on shares of Apple in a report on Wednesday, August 13th. Finally, Monness Crespi & Hardt lifted their target price on shares of Apple from $245.00 to $270.00 and gave the company a "buy" rating in a report on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $237.60.

Insider Activity

In other news, SVP Deirdre O'brien sold 34,821 shares of Apple stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $223.20, for a total value of $7,772,047.20. Following the transaction, the senior vice president owned 136,687 shares of the company's stock, valued at $30,508,538.40. The trade was a 20.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.06% of the stock is owned by corporate insiders.

About Apple

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.